CASH, CREDIT OR CRYPTO: Tag Heuer’s U.S.-based clients can now purchase their timepieces online using cryptocurrencies, the Swiss watchmaker said Thursday.
At checkout, they’ll be able to pay with one of 12 cryptocurrencies, including Bitcoin, Dogecoin and Ethereum, through a solution provided by BitPay, which connects to most crypto wallets and exchanges currently used.
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“We knew Tag Heuer would adopt what promises to be a globally integrated technology in the near future, despite the fluctuations, one that will deeply transform our industry and beyond,” said chief executive officer Frédéric Arnault in a statement.
The executive teased the option at a keynote at this year’s edition of Watches & Wonders, saying Web 3 and, in particular, NFT-related projects were in the works as he believed the brand has a voice in “new technology and new asset class.”
Tag Heuer joins a number of brands, luxury or edgy, who have tapped into the crypto craze. In recent weeks, Gucci launched a pilot program in select U.S. stores, and German designer Philipp Plein opened a pop-up store in London with prices displayed in alternative digital currencies. Earlier this year, Off-White said its Paris, Milan and London stores would now accept digital currencies.
Given the recent crypto crash that saw a number of major digital currencies lose a quarter or more of their value in a month, don’t snooze at checkout.
Prices are fixed in dollars, regardless of payment method, and the exchange rate offered by BitPay will only be guaranteed for 15 minutes, the company explained in a separate statement. The risk of fluctuation is “inherent to the cryptocurrency market at this time,” it added.
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